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Entrepreneurship Assignment: Article Review on Innovation & Commercialisation

Question

Task

Entrepreneurship Assignment Background:

Entrepreneurs see customer needs that others ignore and identify innovative solutions before others see the value. Therefore, curiosity and marketplace awareness are critical to entrepreneurial success.

You are required to identify two topics/articles that you find interesting/curious and provide a summary/precise of the article. Explain why this made you curious/interested.

Answer

Week : X

Topic A: Role of Innovation in Entrepreneurship

Link: Punn, M., 2017. Emerging Role of Innovation in Entrepreneurship in Present Scenario. Journal of Management Engineering and Information Technology (JMEIT), 4(1).

Summary:
According to the readings of Punn (2017) analysed in the entrepreneurship assignment, entrepreneurship facilities are carrying out a business in an innovative manner. In today’s modern age, the businesses cannot find success in the traditional methods. Thus, the business requires fresh and innovative ideas. The entrepreneur is the one who comes up with innovative models and approaches for bringing success to the business. For entrepreneurial success, innovation and creativity are imperative. The entrepreneurs should be innovative to reap the economic benefits out of the constraints. As per the article, in the current situation there are several start-ups that are coming up. Therefore, sustaining in the market has become challenging for the entrepreneurs. Innovation is the only distinctive factor in these entrepreneurial ventures. One start-up yields greater success than the others because of its creativity and innovation implemented in business. The innovation is such an essential part of entrepreneurship that is it impossible to separate the two. An entrepreneur is expected to be an innovator. A person emerges as an entrepreneur because of his/her way of thinking. Their thought and ideas are new and different from the others. They see what others fail to observe. This is innovation, which adds the newness to a business and facilities economic growth. The article also states that innovation in entrepreneurship could be in different forms. The innovation could be in terms of the commodity or the service, the process of manufacture, the packaging, the marketing and distribution process, etc. The entrepreneurship businesses are a contrast to the traditional business approach. In the traditional businesses, almost every business organisation in the same industry carried their operations in the same way. However, in case of entrepreneurship there is a better and new way of operating and utilising the resources considering the financial limitations. The article highlights the necessity of innovation in entrepreneurship. By referring to new age entrepreneurs like Flipkart, Foodpanda and Paytm, the article emphasizes on how innovation of entrepreneurs have helped in growth and sustenance in business. Innovative practices have brought success to these companies in the international market.

Why I found this interesting:
I found this article interesting because it relates innovation with entrepreneurship and provides reference to adequate literature which explains the interrelationship between the two in great details. The customer development model has drawn my attention. The model highlights the ways in which entrepreneurs need to understand their customers and innovate accordingly. The article further uses practical examples of entrepreneurship businesses lkike Flipkart, Grofers, Paytm, Foodpanda, which have attained success by implementing innovation to their business process.

How this links to the course:
The article is closely related to the course. The entire article speaks about the importance of innovation in entrepreneurial success. The article reflects upon how the entrepreneurs innovate and develop a new business. Besides, the entrepreneurs also take lessons from their past experiences and integrate that in their new innovations. The article creates a statement based on the topic, that for attaining success in business the entrepreneurs need to make their innovation consumer centric. The entrepreneurs who are innovative are also fast decision makers, which is important in business. For improving the business performance, the entrepreneurs need to implement innovation at every step of their operational chain, keeping their consumers’ needs at the priority. As the course is based on innovation and commercialisation, this article is aptly related to it.

Topic B: Curiosity as a significant trait in an entrepreneur

Link: Raine, A.L. and Pandya, M., 2019. Three keys to entrepreneurial success: curiosity, creativity, and commitment. Entrepreneurship Education, 2(3), pp.189-198.

Summary:
As per Raineand Pandya (2019) few entrepreneurs emerge more successful over their peers. The reason behind the success of these entrepreneurs lies in their personality and traits. Curiosity along with commitment and creativity are the three Cs that make an entrepreneur successful and different from the others. The driving force behind innovation and entrepreneurship is curiosity. The successful entrepreneurs of the world have achieved their goals because they were curious about understanding their society, the needs of their consumers and improving the state of the economy. The entrepreneurs use their curiosity to first develop a clear idea about the marketplace. Furthermore, they try to implement their creativity in enhancing the business outcome. The entrepreneurs who are successful remain committed to their task till the end. Without the urge to know or curiosity to understand, the entrepreneurs would fail to develop marketplace awareness. There are many education programs which are designed to sharpen the curiosity among the entrepreneurs or aspirants, to enhance their creative skills and increase their level of commitment. There is a direct causality between curiosity, commitment and creativity and entrepreneurial success, which is highlighted in the article. These three are the core skills or traits that an entrepreneur requires to attain success. The article suggests that the realisation or operationalization of success is dependent on these characteristics that the entrepreneur is expected to possess. For entrepreneurial success, curiosity is critical. The fresh cadre of new age entrepreneurs are curious, innovative, dynamic and committed.

Why I found this interesting:
I found this article interesting as it stresses on the importance of curiosity in entrepreneurship. Many scholarly works overlook the significance of curiosity in bringing entrepreneurial success. Without curiosity one would not have the urge to explore or identify the actual needs of the customers. Curiosity helps the entrepreneurs to know things, which others neglect. They get to understand the pulse of the market and the tastes and preferences of the consumers. Understanding and knowing the consumers helps the entrepreneurs to develop better business strategies. The curiosity also boosts innovation. One who is curious desires to innovate or create something new, out of the box and unique. This makes an entrepreneur successful.

How this links to the course:
The article is linked to the course that is based on innovation and commercialisation. The article highlights the significance of curiosity in driving innovation. Innovation is now used synonymously with entrepreneurship. Thus, curiosity is one of the core factors that foster entrepreneurship. The successful entrepreneurs are always driven by this curiosity to invent or discover something and implement it in business, making it a fresh business idea or innovative product or service. The curiosity is such an essential characteristic, which enables an entrepreneur to differentiate from its rivals. When the entrepreneur is curious to know and do something new, they end up improving the economic growth and establishing a successful business. By mechanically following the traditional business approaches without being curious to understand the present market condition or requirements of the consumers, an entrepreneur cannot develop a successful business in today’s competitive market.

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